(1) The authority may not be dissolved unless: (a) the authority board first receives approval from the Legislative Management Committee of the Legislature to dissolve the authority; and (b) the authority has no outstanding bonded indebtedness, other unpaid loans, indebtedness, or advances, and no legally binding contractual obligations with persons or entities other than the state.

(a) the authority board first receives approval from the Legislative Management Committee of the Legislature to dissolve the authority; and

(b) the authority has no outstanding bonded indebtedness, other unpaid loans, indebtedness, or advances, and no legally binding contractual obligations with persons or entities other than the state.

(2) To dissolve the authority, the board shall: (a) obtain the approval of the Legislative Management Committee of the Legislature; and (b) adopt a resolution dissolving the authority, to become effective as provided in the resolution.

(a) obtain the approval of the Legislative Management Committee of the Legislature; and

(b) adopt a resolution dissolving the authority, to become effective as provided in the resolution.

(3) Upon the dissolution of the authority: (a) the Governor's Office of Economic Development shall publish a notice of dissolution: (i) in a newspaper of general circulation in the county in which the dissolved authority is located; and (ii) as required in Section 45-1-101; and (b) all title to property owned by the authority vests in the Division of Facilities Construction and Management, created in Section 63A-5-201, for the benefit of the state.

(a) the Governor's Office of Economic Development shall publish a notice of dissolution: (i) in a newspaper of general circulation in the county in which the dissolved authority is located; and (ii) as required in Section 45-1-101; and

(i) in a newspaper of general circulation in the county in which the dissolved authority is located; and

(ii) as required in Section 45-1-101; and

(b) all title to property owned by the authority vests in the Division of Facilities Construction and Management, created in Section 63A-5-201, for the benefit of the state.

(4) The board shall deposit all books, documents, records, papers, and seal of the dissolved authority with the state auditor for safekeeping and reference.

(5) The authority shall pay all expenses of the deactivation and dissolution.